#82-108 10-19-82 Amend Resolution Tax Exampt FinancingResolution 82-108
October 19, 1982 433 33
Member Anderson introduced and read the following resolution and moved its
adoption:
RESOLUTION AMENDING RESOLUTION ESTABLISHING INDUSTRIAL/COMMERCIAL
DEVELOPMENT TAX-EXEMPT MORTGAGE FINANCING POLICIES AND PROCEDURES
WHEREAS, the City Council passed Resolution 82-27 at its meeting of March
16, 1982, establishing industrial/commercial development tax-exempt mortgage
financing policies and procedures; and
WHEREAS, changes were made in the regulations governing Industrial Revenue
Bonds as part of the Tax Equity and Fiscal Responsibility Act of 1982.
NOW, THEREFORE, BE IT RESOLVED by the City Council that said Resolution
82-27 passed on the 16th day of March, 1982, is hereby amended to include the
addition of a new paragraph 2(g) to read as follows:
No project will be approved where 25% or more of the proceeds are used to
finance retail food and beverage services (except grocery stores), automobile
sales or service, and the provision of recreation or entertainment or where any
of the proceeds are used to finance any private or commercial golf course,
country club, massage parlor, tennis club, skating facility, racquet sports
facility, hot tub facility, suntan facility, or race track.
Rosemary Thor kn;- ayor
ATTEST:
Q7 ' Al I A '-_� MA 4
Ir
'Na VY, Deputy #ity Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Johnson, Mitchell, Stockman and Thorsen, and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and her signature attested by the Deputy
City Clerk.
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